Hines to develop billion-dollar mixed-use project in D.C.
Hines, Urban Atlantic and Triden Development Group have broken ground on a billion-dollar mixed-use project, The Parks at Walter Reed in Washington, D.C.
The $1 billion project will total more than 3.1 million square feet of new construction and adaptive reuse of existing historic structures. The project’s first phase includes the start of development on major project components; preservation of historic buildings to be later renovated and restored; demolition of the 1970’s era hospital, which makes way for the development of a Town Center; and development of infrastructure (including a new water main and other utility services) and landscape improvements.
The Parks at Walter Reed will be phased over a 10–15 year period and plans include: More than 2,100 units of rental and for-sale housing, including 432 affordable units serving low-income, workforce, veterans, seniors and families;
150,000 – 250,000 square feet of grocery-anchored retail; 185,000 square feet of office space; a 200-key hotel and conference center; 30,000 square feet of arts and cultural uses; 116,000 square feet of ambulatory medical care provided by Howard University Hospital;two top-rated language immersion charter schools, the District of Columbia International School (middle-high school) and the Latin American Montessori Bilingual School (elementary school); and, nearly 20 acres of open space, community parks and plazas.